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It’s a typical UK authoritarian attitude. The article mentions sdiehl and that guy basically worships state boot on the money supply: Can’t see the point of mon

It’s a typical UK authoritarian attitude. The article mentions sdiehl and that guy basically worships state boot on the money supply: Can’t see the point of money that that queen doesn’t endorse. It’s all for criminals don’t you know… Anyone citing him is -100pt for credibility. Yeah, I don’t trust the State with my money. The author has failed to address the issues of: * Wartime savings and safe transfer of funds (escape!!) * bank haircuts and bailouts * money printer goes brrr * state confiscation of bank funds by emergency order (Canada) * state confiscation of bank funds by economic failure (Cyprus haircut) * social credit systems linked to the monetary system (cbdc) * connectivity to the global banking system (Russia/china) * local failing fiat currencies in the world (lots of places, Lebanon and Turkey come to mind) And each of those is a nuanced and deep discussion about the nature and philosophy of money.

somewhereoutth 5y ago
Money, as opposed to goods for barter, only exists because of the State. Bitcoin is essentially a decentralised ledger for recording transactions. That those transactions have any meaning, financial or otherwise, is entirely and solely determined by those who use the ledger. Should those who use the ledger one day decide the numbers are in fact meaningless, then Bitcoin becomes worthless.
- randomhodler84 5y ago
  Yes, exactly. And that is what is so powerful an idea, that we could detach the idea of money backed by the state from a shared internet peer to peer network, like the file sharing networks a decade ago. In that p2p content networks were able to dominate the global internet flows until big CDN aka Netflix stepped in. CBDCs are like this for the 2020s. CBDC is Netflix. Bitcoin is BitTorrent. Plan accordingly.
  - prid_not_plesur 5y ago
    This might be the case in the short term, but in the long term it is hard to imagine that any CBDC holds its value greater than bitcoin because none will be fixed supply (by design). My guess is that over the next 10-20 years CBDC's will simply on-board the world to crypto while the demand for Bitcoin and other crypto-assets continue to slowly increase while the bulk of the population starts to become familiarized with the technology.
    - randomhodler84 5y ago
      Agree, the very first time a CBDC revokes a key, people are going to scramble for open chains like BTC.
  - lowkey 5y ago
    CBDCs offer the user less value and more limitations than the USD and should therefore trade at a discount to USD since it is more restricted. Imagine money that can be arbitrarily seized for any reason the government chooses, at any time, with no due process and no recourse. That is CBDCs. CBDCs are like trading in USD cash in exchange for Airmiles or credit card points. More restricted, less useful, completely dependent on the goodwill of the state to work when you need them. “I’m sorry citizen, you payment was declined because you hold unacceptable political views”
    - randomhodler84 5y ago
      I agree. That’s why I’d rather a torrent than Netflix today. Apologies if my message was confusing.
  - somewhereoutth 5y ago
    I can pay my taxes with money backed by the state - I can't with Bitcoin.
    - randomhodler84 5y ago
      You can pay CO State tax in BTC as of last week. Florida and Texas probably will come next. Wouldn’t be surprised to see more in the next 24 months. Times they are a changin
      - somewhereoutth 5y ago
        CO is just a marketing stunt - no reason for any state to follow, not even FL or TX! Times may well be changing, but Bitcoin will remain a Ponzi.
imtringued 5y ago
There is nothing deep about them. They failed to adopt negative interest rates so they are guaranteed to fail. The only philosophy about money that you need is that money is not a physical thing that can be owned.

somewhereoutth 5y ago

Money, as opposed to goods for barter, only exists because of the State. Bitcoin is essentially a decentralised ledger for recording transactions. That those transactions have any meaning, financial or otherwise, is entirely and solely determined by those who use the ledger. Should those who use the ledger one day decide the numbers are in fact meaningless, then Bitcoin becomes worthless.

randomhodler84 5y ago
Yes, exactly. And that is what is so powerful an idea, that we could detach the idea of money backed by the state from a shared internet peer to peer network, like the file sharing networks a decade ago. In that p2p content networks were able to dominate the global internet flows until big CDN aka Netflix stepped in. CBDCs are like this for the 2020s. CBDC is Netflix. Bitcoin is BitTorrent. Plan accordingly.
- prid_not_plesur 5y ago
  This might be the case in the short term, but in the long term it is hard to imagine that any CBDC holds its value greater than bitcoin because none will be fixed supply (by design). My guess is that over the next 10-20 years CBDC's will simply on-board the world to crypto while the demand for Bitcoin and other crypto-assets continue to slowly increase while the bulk of the population starts to become familiarized with the technology.
  - randomhodler84 5y ago
    Agree, the very first time a CBDC revokes a key, people are going to scramble for open chains like BTC.
- lowkey 5y ago
  CBDCs offer the user less value and more limitations than the USD and should therefore trade at a discount to USD since it is more restricted. Imagine money that can be arbitrarily seized for any reason the government chooses, at any time, with no due process and no recourse. That is CBDCs. CBDCs are like trading in USD cash in exchange for Airmiles or credit card points. More restricted, less useful, completely dependent on the goodwill of the state to work when you need them. “I’m sorry citizen, you payment was declined because you hold unacceptable political views”
  - randomhodler84 5y ago
    I agree. That’s why I’d rather a torrent than Netflix today. Apologies if my message was confusing.
- somewhereoutth 5y ago
  I can pay my taxes with money backed by the state - I can't with Bitcoin.
  - randomhodler84 5y ago
    You can pay CO State tax in BTC as of last week. Florida and Texas probably will come next. Wouldn’t be surprised to see more in the next 24 months. Times they are a changin
    - somewhereoutth 5y ago
      CO is just a marketing stunt - no reason for any state to follow, not even FL or TX! Times may well be changing, but Bitcoin will remain a Ponzi.

imtringued 5y ago

There is nothing deep about them. They failed to adopt negative interest rates so they are guaranteed to fail. The only philosophy about money that you need is that money is not a physical thing that can be owned.